IECA helps finance student housing development in Champaign

OAK BROOK - The Illinois Energy Conservation Authority, an Illinois tax-exempt nonprofit organization, said Thursday it closed $15.6 million in financing for a student housing project in Champaign.

Oak Brook-based IECA is the leading Commercial Property Assessed Clean Energy (C-PACE) program administrator in the state.

The C-PACE capital will help fund energy efficient improvements for a 402-bed student housing development situated on 3.73 acres at 28 E. Green St. at the University of Illinois. The property will consist of one building with 153 units.

Nuveen Green Capital, one of the nation's leading C-PACE capital providers, was selected by the borrower to supply the capital. Nuveen Green Capital's C-PACE financing was used to fund $4 million of cost overruns and make a $10 million partial paydown on an existing construction loan.

The funding will provide 100% financing for HVAC, LED/high-efficiency lighting, insulation, window, roof and water conservation improvements, IECA said.

Introduced in Illinois in 2019, C-PACE provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.